Canada Learning Bond (CLB)

Definition:
The Canada Learning Bond is a federal government program administered by Human Resources and Skills Development Canada (HRSDC). It is an incentive offered specifically to low income families with children born January 1, 2004 or later.

Eligibility Requirements:
To be eligible for the CLB, the beneficiary must meet all of the following conditions:

• Born January 1, 2004 or later
• Social Insurance Number (SIN)
• Canadian resident
• Named as a beneficiary on a Registered Education Savings Plan (RESP)

To be eligible for the CLB, the Primary Caregiver must meet all of the following conditions:

• Receiving the Canada Child Tax Benefit (CCTB), which also includes the National Child Benefit Supplement (NCBS)
• The annual net family income falls under the income threshold set by the government and indexed annually.

Grant:
Families who receive the NCBS would qualify for an initial $500 CLB and an additional $100 for each year of eligibility until the beneficiary turns 15 years of age. Eligibility will always depend on the family's net annual income.
Please note the following:

1. No contributions need to be made to receive CLB.
2. When the initial $500 CLB is paid, the HRSDC will also provide $25 to cover the administrative costs of opening a RESP. Mackenzie does not charge account fees, so this $25 will be deposited into the account as income.

Limits:
Annual: $100 per beneficiary. Please note the government may provide more than $100 if they determine the family income qualified over a number of prior years.

Lifetime: $2,000 per beneficiary (initial $500 grant + $100 per year for 15 years)

How to apply:

• Opening a RESP plan with a recognized RESP promoter such as Mackenzie
• A completed HRSDC grant application for each beneficiary (Note: Within a Family RESP, all beneficiaries must be siblings to apply for this grant)